*obligatory not financial advice*

What is Rarible?

Rarible is a NFT marketplace that is running on multiple different blockchains. Its protocol can also be used by other projects to build their own NFT projects.

A non-fungible token is a unique token that cannot be replaced by any other token. This can be used to issue things on a blockchain like artwork, music, digital IDs, tickets, game items, domains and much more. NFTs could be solving some limitations faced by the intellectual property market by enabling the owner of a digital asset to really own his asset, for example if you own a rare item in a game and you get banned or lose your account somehow then you also lose your item but if it’s an NFT you could still keep ownership for it even without your gaming account. 

Rarible is focusing on the creation and exchange of NFTs for collectable art, music and games and it is one of the biggest and most popular marketplaces for such NFTs. The platform makes it easy to mint your own NFT to keep the entry level for new users low. The marketplace is well designed and simple to use too. You can also trade NFTs that were minted without Rarible on its marketplace. All of that makes it very easy for content creators to join the platform.

As NFTs become more common and get more users and creators the demand for platforms like Rarible will increase. However, although there are many sectors that would profit from using NTFs, like tickets for example, most collectables sadly don't have much utility. Most artworks could just be screenshotted and they aren't really useful for their owners. Most people are trading NFTs only because they think that they could sell them for even more. This is a problem for all NFT projects but Rarible at least also lets its users trade NFTs with some utility.

You can tokenize and trade crypto domains, like "ethtips.eth" and also LAND parcels for Metaverse games like Sandbox. There is a partnership with yearn.finance to issue NFTs that represent ownership of the yInsure smart contract insurance and there will likely be more DeFi type NFTs added in the future. The project also wants to implement some DeFi features like crypto loans with NFTs as collateral and a NFT market index that allows its users to invest into a fraction of the biggest collectables.

The platform rewards its users, both buyers and sellers, for their participation with RARI tokens. So, if you want to spend a few thousand dollars on a jpeg of some weird ape or punk, then you could do that on Rarible and get a few RARI tokens for free.

Rarible is blockchain agnostic. It launched on the Ethereum blockchain first and has migrated to both Flow and Tezos and it will also soon launch on the Polygon second layer. The Rarible platform and protocol are currently mostly controlled by the founders but the project will evolve into a full DAO eventually.

The RARI Token

RARI is the native governance token of Rarible and it will be used to vote on protocol changes.

There is a max supply of 25.000.000 tokens and it is being distributed to the users of the marketplace. 10% of this supply was airdropped to the holders of any early NFT to bring their attention to the project, 30% was reserved for founders and investors and the remaining 60% is being distributed weekly to sellers and buyers of NFTs equally. The amount of tokens you get depend on how active you are, also buyers and sellers that are verified users get a 15% bonus at the weekly distribution and traders of NFTs that were not minted on Rarible get only half of the rewards. Most of the supply is going to active members of the Rarible community.

The value of the token will increase if more people use its platform and build and trade more NFTs with it. The token could be used as a sort of NFT ETF because an investment in it is like an investment in all the NFTs offered by Rarible. Anything NFT related had a huge hype during 2021 and this could continue further. However, most non-fungibles have zero utility and projects like Rarible would be hurt strongly if their bubble would finally pop. Still Rarible is trying to be quite innovative with things like DeFi NFTs and other DeFi features. Opensea is a very strong competitor for Rarible, but it has no token at least currently and doesn't reward its users.

The token isn't listed by many exchanges but MEXC supports it. Uniswap and Sushiswap also have trading pairs for it. You can use Rarible with a MetaMask wallet.

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